Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1887-04-15
STOCKS AND SHARES.
DalOta's New Law Providing for their
Assessment and Collection OF Taxes.

DakOta,S New Law Providing for their
Assessment and Collection OF Taxes.
The following law was passed by the
last Legislature and is of general public
interest:
An act providing the manner for assess.
ing the stocks and sheSes of banks
and bank associations and collecting
tax from the same.
Be it enacted by the legislative assembly
OF the territory of Dakota.
Section i. The stockholders in every
bank located within this territory,
whether such bank has been organized
under the banking laws of this territory
or any other state or territory, or of the
United States, shall be assessed and
taxed on the value Of their shares of
sssok therein, 10 the county, town, dis
trict, village or city where such bank or
banking ASSOCIATION is located, and not
elsewhere, whether such stakeholder re-
sides in such place or not. Such shares
shall DO listed and assessed With regard
the ownership and Talue thereof as they
existed on the LIST day of April annually,
subject however to the restriction that
taxation OF such shares shall not be at a
greater rate than is assessed upon any
other monied capital in the hands of in
dividual citizens Of this territory, in the
county, town, district, village or city
where such bank 10 located. The shares
of capitsi stock of national banks not
located in this territory held in this ter
ritory shall not be required to be listed
under the provisions OF this act.
SEQ. 3. In each such bank there shall
be kept. OF all times, q correct list of the
N a SN nd M ~ ~ ~ ,kr k,a1HollN~
and OF the number OF shares held by
each, which list shall be subject to the
inspection OF the officers authorized to
assess property for taxation, and it shall
be the duty Of the assessor to ascertain
o correct list of the names and resi-
dences of all stockholders in any such
bank, with the number and assessed
value OF all such shares held by each
stockholder, and enter the anne on his
tax list.
Sec.3 The assessor shall enter the
valuation of SUCH shares in the tax lists
in the names Of the respective owners of
the same, and shall so do tha same as
against the valuation of other property
in the same locality.
Sec. 4. The officer or officers authori-
zed to receive taxes, may all or either OF
shCkAb AoVO J" noeAoh w SoAAo1o tho e0@
assessed on any share or shares of bank
stock from the ayails of the sale Of such
share or shares, and the tax against
such share or shares shall be and remain
a lien thereon from April 1st in each
year Til tine payment OF sAid Ak:
Sec. 5 For the purpose of collecting
such taxes, it shall be the daty of every
such bank, or the managing officer OF
officers thereof, to retain 80 much oil
every dividend or dividends belonging
to such stockholders as shall be neces
sary to pay any taxes levied upon theil
shares OF stock respectively, until il
shali be made to appear to such bank OF
its officers that such taxes have beer
paid, and any officer of my such bani
who shall pay v or authorize the pay
ing over of any such dividend or divi-
dends. or any portion thereof contrary tt
the provisions of this section, shall there
by become liable for snch tax, and if the
said tax shall not be paid, the collectoi
of taxes where said bank ia located shall
sell said share or shares to pay the same
like other personal property, and in GAS.
of sale the provisions OF law in regard Il
the transfer of stock when sold on execu
tion. shall apply to such sale.
Sec. 6. This act shall take effect ani
be in force from and after its passage
and approval.
Approved March II 1887.
LoUIs K. CHURCH, Governor.